According to the
research carried out by World Health Organization, in 2014, around 466 million
people worldwide were suffering from disabling hearing loss, and it is
estimated that by 2025, 900 million people across the globe are likely to
suffer from hearing impairment. Owing
to increasing number of patients with hearing loss, there is a rise in adoption
of hearing implants, consequently driving the growth of the global cochlear
implant market. Additionally, rising geriatric population and high noise
pollution are responsible for rising hearing impairments and consequently
fuelling the demand for cochlear implants as per the IndustryARC report.
According to the report, the global cochlear implant market is valued at
approximately $1.5 billion in 2018, and it is expected to propel at a CAGR of
around 10.6%, during the forecast period 2019-2025.

The report is titled
as, “Cochlear Implant Market: By Component Type (Internal Part-Electrode Array
and Receiver; and External Part-Microphone, Speech Process, and Simulator); By
Geography – Forecast (2019 - 2025).” The report gives a comprehensive analysis
of the prime factors driving and inhibiting the cochlear implant market. It
also depicts the major trends, product life cycle, product mapping, and product
pricing analysis along with competitor analysis of the market.

Cochlear Implant
Market: Leading Segments

Geographically, Europe
dominated the industry with a regional market share of 35% of the global cochlear
implant market in 2018, and is expected to maintain its position during the
forecast period. This is attributed to high percentage of hearing disable
population and supportive reimbursement policies by the government. Moreover,
increasing healthcare expenditure and technological advancements in cochlear
implants to facilitate efficient and user-friendly devices have rendered Europe
with maximum market share.

Cochlear implant
market is consolidated with presence of a few players such as Cochlear Limited,
Advanced Bionics, MED-EL, Neurelec, Hangzhou Nurotron Biotechnology, Sonova, William
Demant, Microson, and Oticon Medical. To increase their market presence, the
companies are engaged in deploying intellectual strategies such as
collaboration, acquisition, new product development, adoption of advanced
technology, and expansion of manufacturing capacity.

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